Forex: US Dollar Index down ahead of US PCE

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FXstreet.com (Barcelona) - March is definitely not the USD's one. The US Dollar Index, which gauges the greenback against its major rivals, is losing ground for the third consecutive week, hovering as of writing over the 79.00 mark.

This week's bearishness in USD is marked by the unusual dovish comments by Chief B.Bernanke and several other Fed's members, despite the slow but relentless march upward in the US economy, as shown by economic data as of late.
Ahead in the day, the Core PCE-Price index will be published in the US. Market consensus expects a slight drop to 0.1% MoM from +0.2% in the previous print.

At the moment: AUD +0.21%, EUR +0.33%, GBP +0.36%, NZD +0.51%, CAD -0.04%, CHF -0.41% and JPY -0.44%. Wall St. futures are up 0.44% at 13,199 pts. and S&P500 futures are advancing 0.51% at 1,410 pts. WTI is up 0.01 % at $103.31

The index is losing 0.36% at 78.98 with the next support at 79.09 ahead of 78.90 and 78.68
On the flip side, a breakout of 79.49 would expose 79.71 and then 79.90



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Forex and Currencies

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